CPAs Serving the Cannabis Industry

 

Gov. Phil Murphy's support of legalizing cannabis has prompted CPAs and other professionals to begin figuring out the ground rules of a potential multibillion-dollar industry. Join the NJCPA's new Cannabis Interest Group to gain information, insights and best practices as we wait for the legislative and regulatory process to play out in Trenton.

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Nearly 50 Percent of New Jersey CPAs Say Legalizing Adult-Use Marijuana Would Help the Economy

Posted: January 23, 2019
In a survey conducted earlier this month, 48 percent of the 1,063 NJCPA members who responded said legalizing adult-use marijuana in New Jersey would help the economy, compared to 22 percent who said it would have no impact and 20 percent who said it would hurt the economy.

Statement from the NJCPA About New Jersey’s Cannabis Industry

Posted: June 6, 2018
New Jersey’s expansion of the medical cannabis program and the potential for legalization of recreational use on the horizon brings an increased demand for professional services by certified public accountants. The NJCPA and New Jersey CPAs stand ready to be a resource.

Managing the Risks of Serving Cannabis Clients

Posted: May 16, 2018
As part of your process in assessing “risks,” never forget that your professional acts and decisions will be judged in hindsight. Therefore, if your firm decides to service cannabis clients (or any other higher-risk clients, for that matter), be extremely attentive to malpractice rules.

Preparing to Work Indirectly with the Cannabis Industry

Posted: March 1, 2018
Practitioners should be aware that even if they do not want to work directly with new cannabis industry clients, some of their existing clients may not have the same hesitancy, and this can present the practitioner with the same ethical concerns that would be encountered with a new client.

Recreational Marijuana Use Should Be Legalized in NJ, Say More Than 50 Percent of New Jersey CPAs Polled

Posted: December 14, 2017
More than 50 percent of the 747 New Jersey certified public accountants (CPAs) polled by the New Jersey Society of CPAs (NJCPA) in November said recreational marijuana use should be legalized in the state. Their reasons stemmed from it being a good source of tax revenue for the state and the potential for removing some of the burden on state prisons.

From the NJCPA Focus blog:

7 Due Diligence Tips for Cannabis Operators

by Greg Chin, Jeffrey Michelson and Kevin Michaelan, CohnReznick | Jun 01, 2018
Accounting professionals in the U.S. have only begun to recently focus on the cannabis trade as more states legalize the use of marijuana for both medical and adult-use or recreational purposes. Here are seven due diligence tips for cannabis operators as they consider a potential sale of their business.

Marijuana in the Garden State

by Raymond Owens, CPA, tax supervisor, WithumSmith+Brown | Mar 02, 2018
With his Jan. 16 inauguration, New Jersey Governor Phil Murphy brings a bold new agenda headlined by a desire to legalize marijuana for recreational use. Legislation has already been introduced in New Jersey. Find out what it means for CPAs.